Zetters counts the cost of shake-up

The costs of a boardroom reshuffle, director share options and acquisition hunting have all pushed football pools operator Zetters into first-half losses. In the six months to 30 September the company lost £1.02m on sales that fell 35% to £3.89m. Last time it turned in a £1.48m profit.

However, Zetters chairman Anthony Wollenberg, who took over the company at the beginning of the year after buying out Zetters family shareholders, managed to acquire spread betting company IFX in August to take Zetters out of the dwindling pools market. He said that if he had had IFX for a year it would have contributed £1.81m to profits.

Exceptional costs in the half included the £401,000 cost of share options for Wollenberg and fellow director Jonathan Sparke and a £220,000 pay-off to departing executive Benjamin Shaw.

Wollenberg is looking to expand Zetters through further acquisitions, having raised £10m in a rights issue at the time he bought out IFX.